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Lender's written agreement or applicable law. Borrower shall pay the arrrount at all mortgage insurance pt+emiutas is tha
manner provided under paragaph 2 hereof.
Any amounts disbursed by lender pursuant to tha paragraph 7, with interest thereon, shall become additional
indebtedness of Borrower secured by this Mortgage. Unless Borrower and Linder agree to other terms of paymetrt. such
amounts shall be payable upon notice from Lender to Borrower requesting payment thereof, and shall bear interest ttom the
date of disbursement at the rate payable from time to time on outstanding principal under the Note unless payment of
- interest at such rate would be contrary to applicable law, in which event such amounts shall bear interest at the highest rats
permissible under applicable law. Nothing contained in this paragraph 7 shall require Lender to incur nay expetae or take
any action hereunder.
>L Insraction, Lender may make or cause to be made reasonable entries upon and inspections of the Property. provided
that Lender shall give Borrower notice prior to any such inspection specifying reasonable cause therefor related to Larder's
interest in the Property.
9. Cowdeenttatiow. The proceeds of any award or claim for damages, direct or consequential. in oorrrtectiar with any
condemnation or other taking of the Property, or part thereof, or for conveyance in lieu of condemnation, are het+eby assigned
and shall be paid to Lender.
in the event of a total taking of the Property, the proceeds shall be applit:d to the sums secured by this Mortgage.
with the excess, if any, paid to Borrower. In the event of a partial taking of the Property. unless Borrower and Deader
othwwise agree in writing, there shall be applied to the sums secured by this Mortgage such proportion of the proceeds
as is equal .to that proportion- which the amount of the sums secured by this Mortgage immediately prat to the date o[
taking bears to the fair market value of the Property immediately prior to the date of taking, with the balance of the proceeds
paid to Borrower.
If the Property is abandoned by Bor:over, or if. after notice by Lender to Borrower that the condemnor olkrs to make
an award or settle a claim for damages, Borrrnver fails to respond to Lender within 30 days after the date such notice is
ntaikd, Lender is authorized to collect and apply the proceeds. at Lender's option, either to restoration or repair of the
Property or to the sums secured by this Mortgage.
Unless Lender and Borrower otherwise agree in writing, any such application of proceeds to principal shag not extend
or postpone the due date of the monthly installments referred to in paragraphs 1 and 2 hereof or chance the attrouat o[
such installments.
10. Berr~ower NM Released. Extension of the time for payment or modification of amortization of the sums secured
by this Mortgage granted by Lender to any successor in interest of Borrower shall not operate to release, in any manner,
the liability of the original Borrower and Borrower
s successors in interest. Lender shall not be noquin:d to commence
proceedings against such successor or refuse to extend time for payment or otherwise modify arrrortiration of the sums
secured by this Mortgage by reason of any demand made by the original Borrower and Borrower's successors in interest.
11. Forrearance b I.ewier Not a waiver. Any forlxannee by Lender in exercising any right or remedy hereunder, or
otherwise aBorded by applicable law, shall not be a waiver of or preclude the exercise of any such right or remedy.
The procurement of insurance or the payment of taxes or other liens or charges by Lender shall not be a waiver of Lenda's
right to accelerate the maturity of the indebtedness secured by this Mortgage.
It Rew~elies CttanoWivti. All remedies provided in this Mortgage arc distinct and cumulative to any other right or
remedy under this Mortgage or afforded by law or equity, and may be exercised concurrently, independently or successively.
13. Snceesors cad Assigns lioand:.~Toiat awl Several i.iabiWy; Captions. The covenants and agr+cearents herein
contained shall bind. and the rights hereunder shall inure to. the respective successors and assigns of Lender apd Borrower,
subject to the provisions of paragraph 17 hereof. All rnvenants and agreements of Borrower shall be jary and several.
The pptarrs' and headings of the paragraphs of this Mortgage arc for convenience only and are not to tie used to
interpret or define the provisans hereof.
14. Notice. Except for any notice required under applicable law to be given in another manner, (a) any notice to
Borrower provided for in this Mortgage shall be given by mailing such notice by certi&d mail addressed to Borrower at
the Property Addr+as or at such other address as Borrower may designate by notice to Tender as provided herein, and
(b) any notice to Lender shall he given by certified mail. retain receipt requested. to Leaders address stated herein or to
such other address as Lentkr may designate by notice to Borrower as provided herein. Any notice provided for in thb
Mortgage shall be deemed to have been given to Borrower or Lender when given in the manner designated herein.
1S. Utlforr Mortgage; Governing Law: Severs6ility. This form of mortgage combines uniform covenants for national
use and non-uniform covenants with limited variations by jurisdiction to coratitute a uniform security instrument covering
j real property. This Mortgage shall be governed by the law of the jurisdiction in which the Property is located. In the
~ evert that any provision or clause of this Mortgage or the Note conflicts with applicable law. such conflict shall not affect
other provisions of this Mortgage or the Note which can be given eBcet without the conflicting provision, and to this
end the provisions of the Mortgage and the Note arc declared to_be severable.
lf. )sorr~owsrs Cory Borrower shall be furnished a conformed copy of the Note and of this Mortgage at the time
of exceutian or after recordation hereof.
17..Traa>ifer of ere h~oresty; Aswwrption. Tf all or any part of the Property or an interest therein is sold or transferred
by Borrower without Lender's prior written consent. excluding (a) the cteatan of a lien or encumbrance subordinate to
this Mortgage, (b) the creation of a purchase money security interest fa household appliances, (c) a transfer by devise.
descent or by operation of law upon the death of a joint tenant or (d) the grant of any leasehold interest of three years or less
not containing an option to purchase, Lender may, at Lender
s option. declare all the sums secured by thh Mortgage to be
immediately due and payable. Lender shall have waived arch option to accelerate if. prior to the sale or transfer. Lender
and the person to whom the Property is to be so1J or transferred reach agreement in writing that the credit of such person
is::tisfactory to Lender and that the inter~~ct payable on the sums secured by this Mortgage shall be at such rate as Lender
shall request. if Lender has waived the option to accelerate provided in this paragraph 17, and if Borrowers successor in
interest has executed a written assumption agreement accepted in writing by Lender. Lender shall release Borrower from all
obi~ations under this Mortgage and the Note.
If Lender exercises such option to accelerate, Lender shall mail Borrower notice of acceleration in occordancr w•irh
paragraph 14 hereof. Stitch notice shall provide a period of not less than 30 days from the date the notice is mailed within
which Borrower may pay the sums declared due. If Borrower fails to pay such sums prior to the expiration of such period,
Lender may. without further erotica or demand on Borrower. invoke any remedies permitted by paragraph 18 hereof.
( Note-Uttttaotrat t'oveNet+'rs. Borrarrer and Lender further covenant and agree as fellows:
li. Aeeeksa~don; Rewtelia. E:ce}t as rrovrkl i rsrapsrr 17 rtrsot. tapn >serrowes's tract et air ayreMrN ar
atRSeatreat of liasrwer V Ada Margate, incln~at ere eorewaals to !al' wren lns awy assns ssawrod r!' Aria Margate. I,ewler
rrrttt >o aoeeie*atlon srr aaaY notlee to sonewer as rrovidN d raatrarM 14 rereol sreelfyings (1) ere rseaer: (=1 ere adMw
ss~niisi M etw+e wet Maser; (3) a rsle, not less Arnr 30 nays itaaw ere late ere notice r aaoiel M >lostewer. y wrier st+er
rseatr nast k eors$ a¦d (4)1Mt taii•re N etas serer tracer a K terns trt late areelisl i• ere notice ntq reap V
aeeelesaAow d Ito sons seeurel r7' Aria Mor~oge. leaAoawre b jndleW rreeeeiittg and sale st ere 1rt+orertr. The notke
alrai fnrtrer intotw iarswer d ere titM to rt~tate antler aeeelentiow and tre right M aatsd f• ere taselot>•re rseeseit
the now~es3alewes of a letaatk or any other idewae o/ >lorrewrr to acceleration card toreeloswre. g Are tracer le not enrtl ew
er rders Ire lals yotiiod b ere notice. Lender at [.eater's ortiow weary deckns a/ st ere snnts seenrsl r7' Arts Morttatt M k
IaoaeliNely lee and rayaMe wNroot fnArer demand and nay taeelae th4 Margate ti jnikW rseessatsR. lender draN
k sMftlat N c~oreet V attar rrecesliat a>t espenses of fa~ecbsnre, Iwelntiat. Got wM rrnitat M. rsa~setrsYe sttwwetr's fees.
strt assts et ioewnentarq tviiena. a6straets awl IiAe reroeb.
1!. •onrwa's Rlsrt a RdrtaRa Notwithstanding Lender's aooekrnan of the stuns secured by thr: Mortgage,
Borrower shall have the right to have any proceedings begun by Leader to enforce this Mortgage discontinued at any tune
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